How Much Does a Doctor Make? Physician Salary Data for 2026

Physician compensation data is complex because "doctor" encompasses dozens of specialties with significantly different earning potential.

According to the 2024 BLS Occupational Employment and Wage Statistics survey for general internal medicine physicians (SOC 29-1216), BLS data indicates median wages exceed $239,200 per year — the BLS wage reporting cap — meaning the true median is higher than that figure.

BLS groups physicians under several SOC codes by specialty. Key reference points from 2024 BLS OEWS data:

• General Internal Medicine Physicians (SOC 29-1216): Median wage >$239,200 (BLS cap)
• Family Medicine Physicians (SOC 29-1215): Median wage >$239,200 (BLS cap)
• Surgeons, All Other (SOC 29-1248): Median wage >$239,200 (BLS cap)

Physician specialty compensation surveys — including those from the Medical Group Management Association (MGMA) — report a wider range.

The neurosurgeon salary and the plastic surgeon salary represent the upper tiers of physician compensation.

Primary care physicians (family medicine, internal medicine, pediatrics) typically earn in the $220,000–$260,000 range nationally, while high-demand surgical subspecialties such as orthopedic surgery, neurosurgery, and interventional radiology frequently report total compensation of $500,000–$700,000+.

For a complete breakdown of how any hourly wage in these ranges translates to annual, monthly, weekly, and after-tax take-home, see our hourly-to-annual salary conversion guides.

Physician compensation increases significantly from residency through early attending years and into established practice. The following reflects typical ranges for primary care physicians; surgical subspecialist compensation is generally higher at all career stages:

These ranges represent primary care internal medicine and family medicine.

Specialists and surgeons may earn considerably more at equivalent career stages.

Note that physicians in residency training earn a stipend — typically $55,000–$70,000 per year — rather than an attending physician salary, regardless of years since medical school graduation.

Specialty choice is the most powerful determinant of physician earnings. The following illustrates typical annual compensation ranges by specialty category, based on physician compensation survey data:

• Primary care (family medicine, internal medicine, pediatrics): Typically $220,000–$260,000 nationally — see the family doctor salary for a detailed breakdown
• Psychiatry: Typically $240,000–$310,000; strong demand in underserved markets
• Emergency medicine: Typically $280,000–$380,000; often paid per hour worked
• Radiology: Typically $400,000–$550,000; the radiologist salary page covers teleradiology and subspecialty pay differences
• Orthopedic surgery: Typically $500,000–$700,000+; among the highest-compensated specialties
• Neurosurgery: Typically $600,000–$800,000+; longest residency training (7 years) — see the brain surgeon salary for detail on neurosurgery compensation

Geographically, rural and underserved markets typically offer higher base compensation and loan repayment incentives to attract physicians.

For physicians evaluating practice location, the cost of living in California and the cost of living in Texas represent high-demand markets with very different cost profiles.

Major metropolitan markets may pay more for procedural specialists but less for primary care due to physician supply.

States in the rural Midwest, South, and Mountain West often show the highest total compensation packages for recruited physicians. The cost of living in Texas makes physician compensation in Dallas, Houston, and Austin particularly attractive relative to coastal markets.

Several factors beyond specialty and geography meaningfully influence what a physician may earn:

• Employment model — employed vs. private practice vs. locum tenens: Hospital-employed physicians receive a guaranteed salary, benefits, and malpractice coverage, typically earning somewhat less than private-practice owners who retain practice revenue. Locum tenens physicians fill temporary coverage needs and often earn premium rates — particularly in specialties with supply shortages — at the cost of stability and benefits.
• Academic vs. community practice: Academic medical center physicians typically earn less than community or private-practice counterparts in the same specialty, offset by research, teaching, and academic prestige. The compensation gap between academic and community practice varies substantially by specialty and institution.
• Call burden and hours worked: Physicians paid on a productivity basis (relative value units, or RVUs) earn more by working more. Salaried positions with capped hours — such as shift-based emergency medicine or hospitalist roles — provide predictable income regardless of volume.
• Medical school debt: Average medical school debt at graduation approaches $200,000, according to data from the Association of American Medical Colleges (AAMC). This represents a significant financial obligation that affects the net financial return on a medical career, particularly for lower-earning specialties with longer residency training periods.
• Loan repayment programs: The federal government offers student loan repayment assistance through programs including the National Health Service Corps (NHSC) for physicians who practice in Health Professional Shortage Areas (HPSAs). These programs can provide meaningful financial benefit for primary care physicians in underserved settings.

According to the BLS Occupational Outlook Handbook for physicians and surgeons, employment in this occupation is projected to grow 3% from 2023 to 2033 — roughly in line with the average for all occupations.

The BLS projects approximately 24,200 job openings per year over the decade.

The aging U.S. population is expected to drive increased demand for physician services across specialties, while the supply of physicians is constrained by the length and cost of medical training.

Once in practice, physicians benefit from establishing retirement contribution strategies aggressively given the compressed earning timeline, exploring a Roth IRA during low-income residency years, and tracking net worth by age benchmarks that account for delayed career start. and the capacity of residency training programs, which are partly funded by Medicare through the Centers for Medicare and Medicaid Services (CMS).

Physician shortages — particularly in primary care and in rural and underserved communities — are a widely documented structural challenge in U.S. healthcare workforce planning.

The Association of American Medical Colleges (AAMC) has projected potential shortfalls of tens of thousands of physicians in the coming decade, though projections vary significantly by specialty and geographic market.